7 Comments

Thanks so much for the write-up. Does the thesis remain intact after the big drop of the last 6 months?

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Any idea how much cashflow they have to give up for "rent" after selling the towers?

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Great piece. Thanks for sharing.

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May 26, 2022·edited May 26, 2022

Thanks for laying out this thesis. One thing that I don't understand very well is that TIGO bought back shares before late 2021 and stopped after Nov 2021. I can understand that it is to do with the buying the remaining stake of their Guatemalan operation. The question is why they bought back the shares at a higher price and then had to do a right offering. This seems to hurt shareholders quite a bit.

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May 31, 2022·edited May 31, 2022

caught this a little late, but am looking for some clarity on the play. buy more common and\or exercise all the rights offering?

in case you were unaware of these other resources :

- Keith smith of bonhoeffer has done some pods\vids and is deep into tigo...hoping for a timely update from him on the rights

-ben claremon of cove street did an older podcast with the CEO prior to the Guatemala acq.

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ok, thx. actually i had a full position in the common for more than a year (now half a full position !). was thinking about the most efficient way to restore it, thus the interest more in the rights play as i am quite familiar with the company now.

i think the latest bonhoeffer on tigo was ~feb via a great youtube interview with andrew walker. do not recall any elaboration on the rights then.

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FYI in case i missed it somewhere else, 'existing' shareholders are allowed to oversubscribe...

"If you are a holder of record as of May 23, 2022, have not sold any of your rights, and exercise your basic subscription rights in full, you may oversubscribe for additional shares at the estimated subscription price of $10.61 per share, subject to proration. Rights acquired in the secondary market are not allowed to participate in the oversubscription privilege."

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